Financial Performance - The company's revenue for 2021 was HKD 210.95 million, representing a 41% increase compared to the previous year[2]. - The Group's revenue for the year ended December 31, 2021, was approximately HK$60.24 million, representing an increase of approximately 58.46% from HK$38.02 million in 2020[54]. - The increase in revenue was mainly due to the rise in accrued interest from credit-impaired loans receivables during the year[54]. - The revenue from unsecured loans totaled HK$57.01 million in 2021, up from HK$32.32 million in 2020[57]. - The Group recorded a consolidated loss attributable to owners of approximately HK$31.54 million for the year ended December 31, 2021, a significant decrease from approximately HK$367.61 million for the year ended 31 December 2020[100]. Assets and Liabilities - The total assets of the company amounted to HKD 149.16 million as of the end of 2021[2]. - As of December 31, 2021, the Group's bank and cash balances were approximately HK$23.43 million, indicating sufficient funds to maintain operations under the current economic environment[45]. - The Group's net current assets amounted to approximately HK$149.32 million as of December 31, 2021, down from approximately HK$237.71 million as of December 31, 2020, with a current ratio of approximately 13.84 times[105]. - The Group recorded a net cash position of approximately HK$11.13 million as of December 31, 2021, compared to a net debt of approximately HK$2.20 million as of December 31, 2020, resulting in no gearing ratio as of December 31, 2021[113]. Risk Management - The adverse financial and economic conditions caused by the COVID-19 pandemic have negatively impacted the repayment ability of the Group's customers, which may continue to affect business performance in the short term[45]. - The Group will continue to evaluate its risk management measures to ensure a proper balance between return and risk in the long run[45]. - The Group's credit risk assessments included identity checks and financial background checks on borrowers, ensuring satisfaction with their creditworthiness and repayment ability[84]. - The Group will continue to monitor the credit risk of loans receivables and adjust credit assessments as necessary[54]. Corporate Governance - The Company has complied with GEM Listing Rules, ensuring at least three independent non-executive Directors, representing at least one-third of the Board[128]. - The Board is responsible for the strategic development of the Company, aiming to maximize long-term shareholder value while balancing broader stakeholder interests[128]. - The audit committee is chaired by Mr. Choy Sze Chung Jojo, ensuring oversight of financial reporting[37]. - The Company confirmed compliance with the CG Code provisions regarding director training and development during the review year[155]. Operational Changes - Most loan applications have been processed online during the year under review, reflecting a shift in operational practices due to the pandemic[45]. - The Group has implemented various budget control measures to manage expenses in response to the negative impacts of COVID-19[47]. - The Group has taken extra care to raise hygiene standards in its premises to protect the health of customers and employees[45]. Board Composition and Meetings - The Company has five independent non-executive directors, each appointed for a term of two years[143]. - Regular board meetings are scheduled quarterly, with at least 14 days' notice provided to directors[144]. - The audit committee held four meetings during the year ended December 31, 2021, with all members attending all meetings[159]. - The nomination committee held two meetings during the year ended December 31, 2021, with all members attending both meetings[165]. Financial Management - The Group's average loan balance decreased from approximately HK$941.11 million as of December 31, 2020, to approximately HK$834.50 million as of December 31, 2021, representing a decline of about 11.3%[45]. - The Group recorded a reversal of impairment loss on loans receivables of approximately HK$10.81 million for the year ended December 31, 2021, compared to a net impairment loss of approximately HK$360.19 million for the corresponding period in 2020[74]. - The Group's total impairment loss on loans receivables for the year was recorded at a net amount of HK$10.81 million, a significant reduction compared to the previous year[90]. Compliance and Regulations - The compliance committee is responsible for ensuring the Group's compliance with relevant laws and regulations, including the Money Lenders Ordinance and GEM Listing Rules[182][187]. - The compliance committee identified no material compliance issues during the review year and made several recommendations to the Board and management[194]. - The Company has acted and will continue to act on the recommendations of the compliance committee[194].
FIRST CREDIT(08215) - 2021 - 年度财报